The Developer's Advice - Do Your Homework

Aug. 20, 2008 - PRLog -- By Mike Stock IPB Magazine

Why did you decide to start developing in Bulgaria?

In 2003, after several years of just concentrating on South Cyprus, we decided it was time to look at new markets. We researched Greece, Romania and Bulgaria, and found that Bulgaria offered the best opportunity for our company and clients. The market here is coming from a low base and has big growth potential. We looked at what had happened in Cyprus, and saw the same opportunities here. Also, the architecture here is great, and this is something that we add to all of our developments.

You are not building in Sunny Beach, why is that?


Villa with 3 bedrooms in Albena 140,000 Euro
We have chosen to concentrate on the area around Kaverna and Balchick, on the coast, and Borovets in the mountains, as we feel that these locations offer purchasers the best investment. I think that Sunny Beach and Bansko, in the last few years, has seen too much rapid growth and over-development. There is a lack of infrastructure and this is now causing problems.

Which countries do your customers come from?

Most of our clients used to come from the UK, but this has now tailed off due to the problems with the British economy. Now our clients seem to be roughly 30 per cent Russian, 30 per cent Greek-Cypriot, and 30 per cent Bulgarian.

What sort of guarantees do you offer on your developments?

We offer structural guarantees for 10 years and five-year internal guarantees. This is something that any good developer should offer and, of course, gives peace of mind to the purchaser. We also look after the management of the developments after completion.

Your prices seem to be very competitive compared to some other developers and your standard is high. How do you manage this?

It is very important to give customers good value for money. We have many years of experience in Cyprus, and look to get the best possible prices for materials by using a combination of suppliers. We also make sure that the development runs smoothly and is cost-effective by having in-house civil engineers to run the projects, as well as architects. Planning and preparation is vital if a development is going to work to budget and be built within the required timeframe.

What do you think of the Bulgarian developers?

There are some excellent Bulgarian developers who produce a good product, but there are also some who do not pay enough attention to the details and final finish. For us, customer satisfaction is the best advertising we can get. Repeat business and recommendations only come about if the clients are happy.

What do see happening to the market in the next five years?


1 bed apartment in Kranevo 88,950 Euro
We expect the market to stabilise somewhat. As I mentioned earlier, our customer base has changed from being almost exclusively British to Russian, Greek and Bulgarian. These clients demand larger properties compared to the British, who were mostly looking for studios and one-bedroom apartments. We expect the UK market to come back and so have to work to make sure that we provide the right product for all.

Properties here are very reasonably priced and really can only increase in the future, if you take Spain or Cyprus as a model.

What is the best advice you can give to anyone interested in buying a property in Bulgaria?

The most important thing I can say to anyone looking to buy is to do your homework. Pick a developer with a proven track record and look at their past projects, do not make rash decisions and always use a good solicitor.

For this and more article from Bulgaria, visit www.ipb-magazine.com

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International Property Buyer (IPB Magazine) is a property, culture and travel Magazine covering all facets of a location, from culture food and history, to traval, legal and property information. Visit www.ipb-magazine.com